The first leaks this morning about Ford (F) coming to a deal with the UAW did little to spur the stock, but shares are now making solid gains as investors digest the details of the tentative agreement.
Ford� plans to add 5,750 new positions at its U.S. factories and offer $6,000 signing bonuses. The company will pay new hires $17 an hour, $11 less than the veterans make. The new wage is competitive with the nonunion workers that foreign automakers hire in the U.S., the Wall Street Journal reported. The company has also said it will add 7,000 union jobs in the next 12 months, which comes on top of the 5,750. Union members still have to ratify the contract.
Ford shares jumped 3.7%, and General Motors (GM) shares were up 2.9%.
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